My bro JoeWe at Business Insider is hard at work again spinning the horrible jobs data for his overlords in Washington. He really goes on the attack at the end of his article by stating "big thinker types like to talk about things like structural unemployment, because it sounds smart, and long-termy". Like, is it like a bad thing to have a high IQ and think critically? Well, like David Rockefeller famously wrote, "If that is the charge, I stand guilty, and I am proud of it."
The charts that Joe uses to sell his fiction are ones that I have analyzed before. To make sure his readers are completely baffled by his bullshit as Tyler would say he throws in a few scatter charts that only a scatterbrained, academic type like Ben Shalom could relate to.
Let's take a look at the line charts...
Here's the first chart he shows:
Of course he doesn't analyze the chart because only "big thinker types" do that kind of thing. Political shills simply post the chart, point out that in the short term the data is rising, and leave it at that.
This is what chart #1 is really saying:
In the second chart JoeWe puts up, he has this so say about it: "The number bounces around a little, but generally we're right around the average level". What the fuck does that mean? That the chart shows nothing? Well the way he presents it does in fact show nothing:
A "big thinker type" such as myself sees a pattern in the chart. Of course only "conspiracy theorists" see patterns in data so look for that frightening phrase to show up in JoeWe's next piece of propaganda.
Here's what his second chart is really saying:
Bottom line: UNRATE's are going much higher for those with a college degree and those without one. He correctly points out "one fact is that unemployment among college graduates is unusually high (by historical standards)". No shit - that's because this time it's different and structural and not a cyclical problem:
The phrase "off the charts" means "this time it's different", the data has deviated wildly from its standard range. The number of people who have been unemployed for 27 weeks and over has not only gone off the charts, it's gone off the reservation, too:
I know I covered this chart on Friday, but JoeWe's propaganda piece has annoyed me so much that I had to publish it again. In a nutshell the happy ending to his fairy tale is the huge assumption that "when demand comes back, so too will the jobs". Of course he doesn't say when exactly this is going to happen. He's just sure it is, and we should all simply take his word for it. After all, he's a big macher at Bailout Insider so if he makes an assumption it must be true.
Well, everyone assumed that JoePa would be revered in Happy Valley forever and now his Beaver Stadium statue is being stored at an undisclosed location. I'm going to send JoeWe a copy of the Bad News Bears so he can hopefully wise up a little.
When you ASSUME - you make an ASS out of U and ME.